Archive for the ‘Income Property’ Category

Landlord Opinions – Get Your Voice Heard!

Thursday, March 26th, 2020

Pandemics, Border Closures, Businesses Shut Down. Challenges for Landlords, Tenants And the Rental Industry 

The Ontario Landlords Association continues our over a decade long fight to make sure the issues of good landlords and good tenants are at the forefront.

We continue to educate so-called ‘tenant activists’ on the realities we face and counter their memes and myths like no one else.

We want to make sure the general public knows that good landlords want to cooperate with good tenants but that we aren’t rich and “landlords have rights too.” We want  good landlords and good tenants succeeding together.

Make Your Voice Heard!

While we continue to have great discussions in our hugely popular forums, we want your direct opinions as we continue to deal with media and government to protect good landlords and good tenants.”

Results will be sent to Premier Ford and Prime Minister Trudeau.

Create your own user feedback survey

Small Landlords Need To Get Rent And Be Able To Evict Non-Paying Tenants

Saturday, March 21st, 2020

Ontario Landlords Require A Functioning System Where Rent Is Paid On Time & Non-Paying Tenants Are Evicted. Or Many Of Us Will Go Bankrupt & Have No Choice But To Sell Our Rentals

The entire world is worried about the pandemic known as Covid-19.  Countries such as Italy have even ordered a nation-wide quarantine that will keep citizens stuck in their home and unable to use public spaces.

The province of Ontario also has a growing number of cases and Premier Ford has declared a state of emergency. This had led to restaurants being closed, schools closed, and other actions.

Ontario Tenants Face Challenges

Many tenants are dealing with reduced hours at work or even job losses. On top of this tenants are using saved up money to stock up on essentials in case they have to self-isolate.

Small Landlords Often Rented Before We Became Housing Providers

Unlike the large corporate landlords, small landlords are regular people who also face serious challenges. As many of us rented at some point in our lives, we understand and sympathize with what tenants are dealing with. However, we ask everyone to understand our situation as well.

Rent Freezes, Evictions Bans, And A Closed Down Landlord And Tenant Board

Many of our members are very concerned about some of the ‘solutions‘ that are being brought forth by some tenant groups, some people in the provincial government, and some people in the media.

These so-called solutions include a freeze on rents, don’t pay rent, don’t allow any legal evictions, don’t enforce evictions and more.

While these sound dramatic and helpful they will only harm the entire rental industry and tenants themselves

Small Landlords Are Not Faceless Corporate Giants

We’ve worked hard over the past decade to show that small landlords need to be put in different category compared to the corporate landlords.

We’re not rich. We hold jobs and many of our members are teachers, fire-fighters, secretaries, mechanics, doctors, painters, plumbers, electricians, Realtors, small business owners and even helicopter pilots and retired athletes.

We rely on rent to keep our businesses going.  When a tenant pays rent to us, we are paying property taxes, insurance, mortgages and for maintenance (which is not nearly as inexpensive as tenants think it is). If we don’t receive rent, we still need to pay all these costs.

And many small landlords require rent each month just to cover all these costs!

We Need To Find Real Win-Win Solutions

Small landlords are aware of the serious challenges tenants face. Some of our OLA members are already providing their tenants with extra heaters, blankets and…toilet paper. We’re trying to help!

One our OLA members is even going to Walmart, Metro and Shoppers Drug Mart to buy diapers and milk and groceries and medicine for a single mom tenant who is afraid to take her baby out shopping with her.

This is what good small landlords do for our tenants. We don’t want conflict with tenants, we want win-win situations.

Rent Freezes, No Evictions, Closing Down The LTB, No Sheriff Enforcement Are Not Solutions

All these so-called ‘solutions’ are simply demonizing the landlord and placing the entire financial burden tenants face on to the small landlord.

This won’t work.

Small landlords need a functioning system where we get paid rent and can evict non-paying tenants in a fair and efficient legal venue.

If these so-called ‘solutions’ become part of the system it will lead to many bankrupt small landlords and many will sell their rentals (often to a person who wants it for their own use).  This will inevitably lead to an even lower vacancy rate.

Let’s Create A Tenant-Landlord Alliance For A Win-Win Solution

So landlords are aware of the challenges tenants face. Hopefully, after reading this, tenants will be aware of what small landlords face.

So what are some win-win solutions?

Province Provides Grants of Interest Free Loans For Tenants

We already see how the excellent Toronto Rent Bank helps tenants. They are hard working people running it who truly care.

So why not create a new large province-wide Ontario Rent Bank? The government can put in financial resources to create a large province-wide Rent Back.

This would be a place for tenants who are in need to get help to pay their landlord.  Either a grant (for 1 -3 months of rent) or an interest free loan.

Every Evicted Tenant Can Get Places Into Government Social Housing

How much money is spent on social housing? It’s huge. So why isn’t it more effective and better managed?

How about the Landlord and Tenant Board works with government social housing providers across Ontario?

And if someone is officially evicted these government social housing groups reach out to the evicted tenant to help them find a place to stay (thus eliminating homelessness) if they want it (many tenants will just find a new place).

Let’s Fix This And With Smart Long Term Logical Ideas

There are tenant groups out there screaming “stick it to the landlord”.  There are also some minor hick landlord social media outlets filled with uneducated people and owners looking to make a buck saying “tenants just pay or else and also no tax dollars fer them!”

Both extremes should be ignored.  Small landlords need to be protected and the best way to help tenants is to protect good small landlords!

The reality is it’s time for the province of Ontario to pick up it’s game and take some responsibility!

Instead of a deluge of selfies the corporate landlords are making (who pay a fortune for lobbyists and have their staff follow a minister around carrying his umbrella in the rain, opening doors for him and giving him a hug and bringing in lunch when needed) we need real effective change to help both tenants and landlords.

OLA members are shocked that the solution to help tenants is to say “don’t pay rent…because you can’t be evicted”.  Many of us will remember this well in the next election.

OLA MEMBERS SPEAK OUT

-We need to quickly work for win-win solutions to help both good tenants and good landlords.

-We need to get the Landlord and Tenant Board Working (and working fast) and Tenants also to be protected by new government programs such as loans and grants to pay their legal rent.

-The current plan of “no evictions” is beyond foolish and will dramatically harm the Ontario rental industry and lead to anarchy and chaos. 

We need real leadership, not pandering to the worst instincts of tenant voters. 

We Want Win-Win Business Relationships With Tenants

Wednesday, October 2nd, 2019

A Landlord Reveals Her Goals To Tenants

Dear Tenant,

I am an a person who invested in an Ontario property. This makes me an Ontario “landlord”. The term “landlord” has a lot of negativity. It brings back memories of British Lords with castles and ripping off working class people. 

That’s not me.  I work two jobs and have a mortgage. My one rental property is nicer than my own house I live in. My car has over 200,000 kms on it and is 12 years old.

So please call me an Ontario “housing provider” or an Ontario “resident who wants to be a great owner of a property people rent from me.”

This open letter to you is to share information so that we can be a team.

After all, you need me, and I need you. 

Let’s be partners in this venture, working together for both sides to succeed!

1. I am not getting rich on this venture.

In fact, for the first 12-18 months of me buying this property, I am going to lose money. Even then, this duplex/triplex that you are living in will net me approx $200-$300 per month after all expenses have been paid. Doing the math, I believe that works out to $2,400-$3,600 per year.

At some point in time, I hope that this property gains value, and I can sell it for more that I bought it. It’s a great concept that you could work towards in your lifetime – if you are so inclined.

Until then, you need a place to live, and I need a tenant.

2. Please take care of our property.

It’s your home, but it’s my house.

If I know that you will keep your home in decent condition, I will be much more motivated to ask you to help me pick out a colour next time I paint the walls, or replace the carpet.

Please don’t be a don’t be a bad tenant who thinks I’m some kind of super rich predator sucking you you dry and spending your rent on Ferrari’s and caviar.

3. I promise to respect you and your personal rights.

I will give you all the notice I can before I have to enter your apartment. After all, this is your home, but it’s my house. If I need to replace a toilet, or fix something, I will give you advanced notice.

I hope the respect will be mutual. After all, it’s the little things that count. If we can all get along, we will both enjoy working with each other. I am not here to mess with your life.

4. I was you once, perhaps you will be me one day.

I know what it’s like to rent. I know what it’s like to be a tenant. It’s actually a decent way to live.

I never worried about the roof, the plumbing, needing a new stove, or fridge, or even if the carpet was getting worn down and needed replacing.

I never worried if the city increased utilities, or taxes – I paid a flat rent, which can only increase by a very small amount each year. I let my landlord worry and take care of all of that.

You need me, and I need you. If neither one of us are jerks, this will work out just fine.

Sincerely,

Ms. Ontario Landlord

Discuss this at the Ontario Landlord forums

Landlord Investment Opportunity? Toronto Tenants Choosing to Rent Condos

Friday, January 18th, 2013

January 18th, 2013

OLA Happy Toronto Tenants In Condo

Every landlord wants to find good tenants and avoid bad ones.

Owning properties which attract the good tenants everyone is looking for is one of the keys to being a successful landlord.

After all you want to be able to attract people who can pass your strict tenant screening process.

According to a report at Conda.ca more renters are turning to condos in Toronto as their rental property of choice.

The Toronto Real Estate Board (also known as TREB) shows that the fourth quarter of 2012 saw an impressive number of condo rental transactions. The number of condo rental transactions was up 13% over 2011 at 3,648.

Equally impressive was that the number of condo rentals listed was up 18% over 2011.

Why are condos attracting tenants?

TREB states that condos consisting of one and two bedrooms are most popular with Toronto renters.

These condos are usually much more expensive than normal rents of the same size. So why the popularity?

Elite Condos Rule

Want your condo to be in demand by tenants? Condos in good locations with up-scale amenities and elite finishes will get you attention as many renters are willing to pay for quality and location.

Elite properties can attract great tenants you desire …although you still must be careful. The last thing you want is to have a great property and rent to a bad tenant who you have to eventually evict.

How much are these condos renting for?

A typical 1 bedroom condo rented for $1620/month. This was up four per cent compared to 2011.

A typical 2 bedroom condo rented for around $2090/month. This was in an increase of two per cent compared to 2011.

I keep hearing the Toronto condo market is going to crash in the media

Jason Mercer is a market analyst for the Toronto Real Estate Board. Despite some media reports, Mercer states there aren’t any real indication of a an oversupply of rentals in the Toronto condo market. This is why it’s important to join a real provincial landlord association consisting of landlords to make sure you are up to date on the facts of the marketplace.

Mercers says that while there has been an increase in supply, rents have also gone up. In fact, he says there are so many tenants out there looking to rent, condo owners can still raise prices.

More people are choosing condos as their rental home than ever before.

CMHC (aka Canada Mortgage and Housing Corporation) has stated that 22.6% of all Toronto condos are now rented.  This has provided a huge supply of rental housing for the city.

Income property investors take note: more and more renters want pretty condos, with great amenities, in great locations. The Toronto condo market has changed the rental market in Toronto. To discuss this and other topics join the free Ontario Landlord forum

Landlords in Southern Ontario – Here’s Your Chance to Star On HGTV’s “Income Property” TV Show

Thursday, December 20th, 2012

December 20th, 2012

HGTV’s Hit Television Show “Income Property” Is Looking For Landlords in Southern Ontario To Cast On the Show

HGTV (Home & Garden Television) is a very popular cable network which has programs focused for real estate investors.

One of their most popular programs is “Income Property” hosted by Scott McGillivray.

Income Property is a show about new homeowners.

With high mortgage payments, these new homeowners want to create attractive money-making income suites in their homes to rent out.

The new income suite will not only bring in rent to help pay the monthly mortgage, it will increase the value of their new home.

The host of Income Property is not only the host. Scott McGillivray personally owns many rental properties and assists homeowners on the show to:

1. Plan how to maximize the income potential of their income suite.

2. Work out a realistic budget with the homeowners.

3. Get the renovation done in the fastest, most efficient way.

4. Start finding great tenants!

Now Income Property Wants You!

Income Property is looking for enthusiastic Ontario landlords who want to either create a new income property in their basement or renovated their existing rental unit to improve it and find better tenants (and raise the rent!)
The goal of the show is to help make your new or existing rental unit attractive, legal, safe and to find great tenants who pay the rent on time.
.
Rules for Your Apartment to Get on the Show #1
.
Your basement will have to meet certain specifications. You will need to pass the Ontario Building Code.You will need at least clearance of 6’5″ under all the ducts and the support beams and at least 2/3 of your until must have clearance of at least 6′ 11″. If you can’t meet these requirements, you won’t be accepted for the television program.
.
Rules for Your Apartment to Get on the Show #2
.
All interested landlords must be located in Southern Ontario. Second, you must be able to contribute for paying for the creation or renovation of the income property. Third, you must have time to be taped for the show for a minimum of 10 days in a row.
.
Who Can’t Apply Because of City By-Laws
.
If you living in Richmond Hill, Vaughan, Maple, Brampton, Woodbridge or Mississauga you aren’t eligible.
.
.How To Apply?
.
You can get the application here: www.incomepropertytelevision.com
Submit  your application and photographs to: ipcasting@rtrmedia.com
.
.

Landlords in Southern Ontario – Here’s Your Chance to Star On HGTV’s “Income Property” TV Show. Take the Opportunity to Create a Safe, Attractive, Legal Rental Unit.